304.37-040 Examination by commissioner.
(1)
(2)
(3)
(4)
Subject to the limitation contained in this section and in addition to the powers
which the commissioner has under KRS Chapter 304 relating to the examination of
insurers, the commissioner shall also have the power to order any insurer registered
under KRS 304.37-020 to produce such records, books, or other information papers
in the possession of the insurer or its affiliates as shall be necessary to ascertain the
financial condition or legality of conduct of such insurer. In the event such insurer
fails to comply with such order, the commissioner shall have the power to examine
such affiliates to obtain such information.
The commissioner shall exercise his or her power under subsection (1) of this
section only if the examination of the insurer under KRS Chapter 304 is inadequate
or the interests of the policyholders of such insurer may be adversely affected.
The commissioner may retain at the registered insurer's expense such attorneys,
actuaries, accountants, and other experts not otherwise a part of the commissioner's
staff as shall be reasonably necessary to assist in the conduct of the examination
under subsection (1) of this section. Any persons so retained shall be under the
direction and control of the commissioner and shall act in a purely advisory
capacity.
Each registered insurer producing for examination records, books, and papers
pursuant to subsection (1) of this section shall be liable for and shall pay the
expense of such examination in accordance with the provisions of KRS Chapter
304.
Effective: July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 1475, effective July 15, 2010. -- Created
1972 Ky. Acts ch. 52, sec. 4, effective June 16, 1972.
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